Is this the beginning of a US shale crisis? ...News

Russia Today - Economy
Is this the beginning of a US shale crisis?
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Banks are restricting lending and revising their estimates on the value of some shale reserves, according to the Wall Street Journal. Even the largest banks, such as JPMorgan Chase and Capitol One Financial Corp., are expected to cut their exposure to the shale industry. Sources told the WSJ that the banks are growing more concerned that if drillers go bankrupt, their assets – the value of which could be declining – may not cover the outstanding loans. The scrambling among big financial institutions comes as the industry is being hit by a wave of write downs. Chevron said earlier this month that it expects to take a $10 to $11 billion

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